[Resolved] ICICI Home Loan — CHEATING & IRREGULAR INCREASE RATE OF INTEREST CASE AGAINST ICICI BANK | |
I have taken a home loan of Rs.350000/- for 20 years tenure in floating interest rate. The Aggrement no: LBMUM[protected] Dtd. 15.04.03. The initial offer given was 7.75 interest rate. When the loan was accepted the interest rate fixed was 9.75with EMI Rs.3320/- per month for 20 years. After some months bank is lunch scheme to make the payment of 0.50% & reduce the rate of interest I am making payment for Rs. 1700/- in the month of September, 2004 but bank is increase the Rate of Interest on 07.02.2005 by 0.50% after one month increase by 0.50% 07.03.2005 after four month bank is again increase by 0.50% 07.08.2005, after nine month bank is increase by 0.50 07/05/2006 again the interest rate was changed to 9%, the EMI was kept constant but the tenure was increased to some more year.Again the interest rate hiked to 10% from 07/08/2006, the tenure increased to another few more years.on 07/02/2007 the interest rate at 10.5 & then increased to12.5% from 07/05/2007, & interest is increase 13.25% then 14% & reduce only 0.50 the tenure increased to the max. limit & EMI increased to 3684/- per month. Even after paying 66 EMI, the CL.Principal is found to be Rs.308738/-. The last tenure is found to be 07/03/2030 for complition at this stage. This may again increase to many extent. I want to know that whether there is any control of RBI or any other rules these private Banks follows, on Home loans. As per my view there is some cheating by the middle class people. Many times the bank was asked regarding the calculation for Tenure increasing & EMI increasing, but they are not providing. Now HOME loan rate of ICICI might have increased again, but they never intimate to the customer [Also note only one or two letter received from bank Increase rate of Interest] All Private & PSU Bank must have similar calculation. Kindly look into the matter so that I can get justice against this type of cheating of ICICI HOME FINANCE LTD. Many customers are also facing similar type cheating from ICICI.If this type of activity doing by bank, so how to trust the Bank???? Was this information helpful? | |
Aug 14, 2020 Complaint marked as Resolved | |
 7 Comments | |
Comments
I have taken a home loan of Rs.350000/- for 20 years tenure in floating interest rate. The Aggrement no: LBMUM[protected] Dtd. 15.04.03. The initial offer given was 7.75 interest rate. When the loan was accepted the interest rate fixed was 9.75with EMI Rs.3320/- per month for 20 years. After some months bank is lunch scheme to make the payment of 0.50% & reduce the rate of interest I am making payment for Rs. 1700/- in the month of September, 2004 but bank is increase the Rate of Interest on 07.02.2005 by 0.50% after one month increase by 0.50% 07.03.2005 after four month bank is again increase by 0.50% 07.08.2005, after nine month bank is increase by 0.50 07/05/2006 again the interest rate was changed to 9%, the EMI was kept constant but the tenure was increased to some more year.Again the interest rate hiked to 10% from 07/08/2006, the tenure increased to another few more years.on 07/02/2007 the interest rate at 10.5 & then increased to12.5% from 07/05/2007, & interest is increase 13.25% then 14% & reduce only 0.50 the tenure increased to the max. limit & EMI increased to 3684/- per month. Even after paying 66 EMI, the CL.Principal is found to be Rs.308738/-. The last tenure is found to be 07/03/2030 for complition at this stage. This may again increase to many extent. I want to know that whether there is any control of RBI or any other rules these private Banks follows, on Home loans. As per my view there is some cheating by the middle class people. Many times the bank was asked regarding the calculation for Tenure increasing & EMI increasing, but they are not providing. Now HOME loan rate of ICICI might have increased again, but they never intimate to the customer [Also note only one or two letter received from bank Increase rate of Interest]
All Private & PSU Bank must have similar calculation. Kindly look into the matter so that I can get justice against this type of cheating of ICICI HOME FINANCE LTD. Many customers are also facing similar type cheating from ICICI.If this type of activity doing by bank, so how to trust the Bank????
All Private & PSU Bank must have similar calculation. Kindly look into the matter so that I can get justice against this type of cheating of ICICI HOME FINANCE LTD. Many customers are also facing similar type cheating from ICICI.If this type of activity doing by bank, so how to trust the Bank????
This is Deepak from Chennai. Whatever you told is absolutely true. I also took loan in ICICI in 2006 @ 7% pa but now repaying at 12.5%. When the bank increased the rates when other banks did, it is liable to decrase the same as well when other peers do.
Also RBI has no control with any of the banks. The concept of "floating" means fluctuations as per market conditions. Now the banks are reducing the interest rate for new loans but nobody is caring for existing loans. The concept of "floating" doesn't make any sense at all.
Now that you are an existing ICICI home loan customer, you can avail a new interest rate of 9.75%. The details of the same are given in the link below
http://wealth.moneycontrol.com/features/home-loans/rate-war-icici-drops-home-loan-rates-for-existing-customers-/12762/0
Regards
Deepak
[protected]
Also RBI has no control with any of the banks. The concept of "floating" means fluctuations as per market conditions. Now the banks are reducing the interest rate for new loans but nobody is caring for existing loans. The concept of "floating" doesn't make any sense at all.
Now that you are an existing ICICI home loan customer, you can avail a new interest rate of 9.75%. The details of the same are given in the link below
http://wealth.moneycontrol.com/features/home-loans/rate-war-icici-drops-home-loan-rates-for-existing-customers-/12762/0
Regards
Deepak
[protected]
I got ICICI home load on 1-3-2005, for the amount of 550000 in the rate of 7.5%, the Emi is Rs. 3437/- for 20 years.
After 5 months (i.e. from[protected] of this year the rate was inscreased to 8% .
After nine moths (i.e. from[protected] the rate is increased to 8.5%.
After 3 months (i.e. from[protected] the rate is increased to 9.5%.
After 6 months (i.e. from[protected] the rate is increased to 10%.
After three months (i.e. from[protected] the rate is increaed to 12%.
After 13 months ( i.e. from[protected] the rate is increased to 12.75.
After 4 months ( i.e.[protected] the rate is increased to 13.5%.
After 3 months (i.e. 1.2.2009) the rates is decrreased to 13%
see the interest floats with iregularity. They didt give information when the interest rate raising or decresing. this is not good. Now public sector banks reduced the rates to 8%. But ICICI was not reduced. Because their aim is only business-get mor profits and not worried about customers.They beahve as like Marvaadees(Ban-brokers/ retails-leasers-interest shoppers)
After 5 months (i.e. from[protected] of this year the rate was inscreased to 8% .
After nine moths (i.e. from[protected] the rate is increased to 8.5%.
After 3 months (i.e. from[protected] the rate is increased to 9.5%.
After 6 months (i.e. from[protected] the rate is increased to 10%.
After three months (i.e. from[protected] the rate is increaed to 12%.
After 13 months ( i.e. from[protected] the rate is increased to 12.75.
After 4 months ( i.e.[protected] the rate is increased to 13.5%.
After 3 months (i.e. 1.2.2009) the rates is decrreased to 13%
see the interest floats with iregularity. They didt give information when the interest rate raising or decresing. this is not good. Now public sector banks reduced the rates to 8%. But ICICI was not reduced. Because their aim is only business-get mor profits and not worried about customers.They beahve as like Marvaadees(Ban-brokers/ retails-leasers-interest shoppers)
It looks like I am one of the latest victim of this fraud.
1. They increased the interest rate in June 2008. Kept the EMI constant and increased the Tenure. Note the letter send to me has nothing on how much the tenure increased due to .75 % increase.
2. They again increased the interest rate by .75% and changed the tenure. There communication again didn;t have any thing on the increase in the number of installment.
3. May 2009 they decreased the interest by .5% . But now I realized the loan which was originally meant for 20 hears has now become 28 years. It effectively mean for a 1 % rise in the interest rate they have actually increased the tenure by 8 years.
I am lost and not sure what to do about it. Practically I would have liked them to hike my EMI and keep the tenure as fixed. Also it looks like this is done intentionally with lot of information being hidden.
1. They increased the interest rate in June 2008. Kept the EMI constant and increased the Tenure. Note the letter send to me has nothing on how much the tenure increased due to .75 % increase.
2. They again increased the interest rate by .75% and changed the tenure. There communication again didn;t have any thing on the increase in the number of installment.
3. May 2009 they decreased the interest by .5% . But now I realized the loan which was originally meant for 20 hears has now become 28 years. It effectively mean for a 1 % rise in the interest rate they have actually increased the tenure by 8 years.
I am lost and not sure what to do about it. Practically I would have liked them to hike my EMI and keep the tenure as fixed. Also it looks like this is done intentionally with lot of information being hidden.
Hi All, I have taken a Home loan from ICICI of 15lac, my current interest rate is 10.50 flotting.I want to reduse the interest rate, for that ICICI Bank is charging me 1.94% on principal amount & changeing interest rate to 8.75 flotting interest rate and this has no were mention in aggrement, bank is saying that its our policy and we cannot show the policy.I would like to know is there any charage for conversion of interest rate from flotting to flotting and if there is no changes for this then please provide me the complaint email id or phone no.
Kindly request you to please update me on the same.
Thank & Regards,
Gurmeet Chhabra
[protected]
Kindly request you to please update me on the same.
Thank & Regards,
Gurmeet Chhabra
[protected]
Gentlemen, I fully endorse this as I have experienced a similar harrrassment and torture. Imagine paying @ 14.5 percent !! Est forumsIcici bank has caused me mental harassment and emotional drain. I have started to hate the bank for their em at highmonopolistic attitude and extremely poor . Thanks for raising . Personally I wo like foreclose as quick as possible and then sue them at highest forums so that I get back with 10 times more interest then what I had been lynched for.
Lbmum[protected]
Lbmum[protected]
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ICICI Home Loan — Cheating & Irregular Increase Rate of Interest case against ICICI Bank
have taken a home loan of Rs.350000/- for 20 years tenure in floating interest rate. The Aggrement no: LBMUM[protected] Dtd. 15.04.03. The initial offer given was 7.75 interest rate. When the loan was accepted the interest rate fixed was 9.75with EMI Rs.3320/- per month for 20 years. After some months bank is lunch scheme to make the payment of 0.50% & reduce the rate of interest I am making payment for Rs. 1700/- in the month of September, 2004 but bank is increase the Rate of Interest on 07.02.2005 by 0.50% after one month increase by 0.50% 07.03.2005 after four month bank is again increase by 0.50% 07.08.2005, after nine month bank is increase by 0.50 07/05/2006 again the interest rate was changed to 9%, the EMI was kept constant but the tenure was increased to some more year.Again the interest rate hiked to 10% from 07/08/2006, the tenure increased to another few more years.on 07/02/2007 the interest rate at 10.5 & then increased to12.5% from 07/05/2007, & interest is increase 13.25% then 14% & reduce only 0.50 the tenure increased to the max. limit & EMI increased to 3684/- per month. Even after paying 66 EMI, the CL.Principal is found to be Rs.308738/-. The last tenure is found to be 07/03/2030 for complition at this stage. This may again increase to many extent. I want to know that whether there is any control of RBI or any other rules these private Banks follows, on Home loans. As per my view there is some cheating by the middle class people. Many times the bank was asked regarding the calculation for Tenure increasing & EMI increasing, but they are not providing. Now HOME loan rate of ICICI might have increased again, but they never intimate to the customer [Also note only one or two letter received from bank Increase rate of Interest]All Private & PSU Bank must have similar calculation. Kindly look into the matter so that I can get justice against this type of cheating of ICICI HOME FINANCE LTD. Many customers are also facing similar type cheating from ICICI.If this type of activity doing by bank, so how to trust the Bank????